Townhome block
Ember is a residential development firm operated like a fund: shared infrastructure, transparent reporting, off-market sourcing, and a single thesis applied with discipline across every deal.
There is enough capital chasing residential deals to last a decade. There are not enough operators who can source off-market, underwrite to three scenarios, run their own crews, and report like fiduciaries. We built Ember to be that operator.
Every parcel comes through direct relationships: brokers we've closed with before, attorneys representing estates, operators who've sold to us once. No auctions, no portals, no bidding wars.
Base, downside, stretch. If downside doesn't pencil to break-even on a 24-month hold, the deal does not clear committee. Returns follow from disciplined entry — not from optimistic exits.
Construction draws documented and shared monthly. Quarterly P&L with full transparency on cost overruns. K-1s issued by March 15 every year. Investor portal access for every LP, every deal.
A documented record of capital deployed, capital returned, and capital at work. Detailed deal memorandums available to qualified partners on request.
A changelog of the firm's last twelve months. Updated whenever something new closes, breaks ground, or wires distributions.
Phase one of 22-unit Kensington Block has begun pour. Phase 2 broken ground last week, on schedule for Q3 2026 delivery.
Final unit sold on the 18-home Spring Garden block. Distribution wired to LPs on March 12. Net LP IRR of 31% beat pro forma by 6 points.
Entitlements secured on the 6-home Graduate Hospital Mews. Architectural plans final. Capitalizing Q2 2026 — three soft-circled LPs from prior deals.
Letter of intent signed on the four-parcel Northern Liberties Yard assemblage. Closing expected Q2 2026 — capitalization to follow.
The 12-loft Brewerytown adaptive-reuse project exited Q4 2025 at 1.9× multiple, 22% IRR. Behind base case on multiple, ahead on hold period — net positive on a risk-adjusted basis.
Ember operates on transparent, consistent terms across every project and every vintage. We don't negotiate principal terms with individual LPs — structural alignment is preferable to negotiated alignment.
The offering is consistent. The reporting cadence is consistent. The work changes block by block.
Vintage 2026 has $13M of $32M target allocation remaining. We onboard new LPs in approximately five business days. Coffee in Philadelphia preferred.